Impact of Impulse: Point-of-Purchase Strategy Tips
When was the last time you went to a store for one or two things and left with a cart of completely unplanned purchases? You are not lacking self-control and you are certainly not alone. A lot of planning by store owners and advertisers happens to elicit that reaction. Additionally, research has found that nearly 40% of consumer spending is impulse buying and that an overwhelming 90% of us make an occasional impulse buy. This is great for advertisers, particularly if your product is brand new, not well-known, a luxury item or not a necessity item. Implement some point-of-purchase, or POP, marketing into your media plan. Despite these items not being on their list or factored into their budget, consumers can be persuaded to buy with good media planning and the right media strategy. POP allows you to market to consumers while they are already shopping and ready to buy. This is particularly true for women, who make impulse purchases more often. Men do it less often, but usually spend more money.
Here are some tips for making your point-of-purchase campaign prosper:
- Give value: Research has found that consumers make more point-of-purchase buys when they feel they are getting value. Consider bundling your product with a complementary staple or popular item for value. Or offering a limited time coupon or discount (but don’t do this too often).
- Show us how to use it: Product demos, non-traditional, and experiential marketing are common point-of-purchase marketing methods.
- Make sure it is visible: Secure prime store placement like end caps, eye level shelves, or spaces close to the checkout registers so that your product gets noticed. Which leads to our next tip…
- Consider Co-op Advertising: If you are in a co-op advertising arrangement with a retailer, negotiate placement. It’s mutually beneficial if your product sells well in their store, so it is an incentive for more ideal store placement.